Simply Save podcast | Health insurance renewal premium up significantly? Here are the options you can consider
Look for cheaper covers and other alternatives if premiums on existing policies turn unaffordable
December 15, 2020 / 07:28 PM IST
Many health insurance policyholders have, of late, have complained about massive hikes in their renewal premiums.
While a marginal increase was expected post the implementation of the insurance regulator’s standardisation of exclusion guidelines from October 1, the quantum of hikes has taken many by surprise.
The Insurance Regulatory and Development Authority of India (IRDAI) on its part has clarified that premium hike due to these norms has not exceeded 5 percent, which in line with its guidelines. Only five products approved up to November 30 have seen their premiums go up by more than five percent based on their incurred claim ratios. Essentially, this implies that premiums in case of these products saw a spike due to these non-life insurers’ adverse claim experience. It’s a fact, however, that many policyholders have seen their health cover premiums shoot up drastically.
So, what are the reasons why your premiums can go up? And what can you, as a policyholder, do if your premiums shoot up beyond a point?Tune in to Simply Save podcast, where Amit Chhabra, Head, Health Insurance, Policybazaar.com, will answer some of these questions.